Swisher Hygiene avoids default by extending 10-K, 10-Q filing deadline

By Toni Weeks

San Diego, May 31 - Swisher Hygiene Inc. entered into a fourth amendment to its senior credit facility with Wells Fargo Bank, NA as administrative agent to provide the company with an extension to deliver its financial statements for the fiscal year ended Dec. 31 and the quarter ended March 31.

According to a news release, Swisher must file its financial statements before the earlier of June 30 and the date on which the company delivers the statements to the Securities and Exchange Commission.

In addition, the amendment waives any default or event of default that may exist as a result of Swisher not filing its form 10-K for the year ended Dec. 31 by April 16 and for not filing its form 10-Q for the quarter ended March 31 by May 21 as long as the company files both by June 30.

As a condition to the amendment, Swisher may not borrow additional funds under its credit facility until the form 10-K and 10-Q have been filed and the company represents to Wells Fargo that its financial statements may be relied upon. Swisher said in the release that it had no intent to borrow additional funds.

The Charlotte, N.C., company is a provider of hygiene and sanitation products and services.

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